Case Studies


Transaction Details

Reimbursement Services Incorporated

501 Fellowship Road
Mt. Laurel, NJ

Transaction Size
23,000 square feet

Transaction Type
Lease Relocation


Financial Services Firm Leverages Market to Reduce Occupancy Costs and Gain Concessions  


Client Situation

Reimbursement Services Incorporated (RSI), a firm specializing in benefit outsourcing, occupied leased space in the dense South Jersey market, with limited expansion opportunities or occupancy alternatives. RSI’s steady growth was inhibited within its current Landlord’s portfolio, as tight market conditions favored the Landlord’s existing larger credit tenants.

Consideration Analysis

Studley (now Savills Studley) was engaged by RSI to help develop a 10 year growth strategy for the firm’s space needs, and find alternatives that would help upgrade the firm’s overall image. Studley conducted a rapid and extensive review of all possible opportunities within the South Jersey marketplace, in order to ensure the viability of any build-to-suit or purchase alternatives.


After evaluating all financial possibilities and creating the maximum possible leverage in the negotiations, the optimum solution proved to be a new lease in a newly constructed building at 501 Fellowship Road in Mt. Laurel, NJ to be delivered prior to RSI’s lease expiration. Studley and RSI created a flexible long-term strategy that addresses the firm’s growth projections and space needs.

By working with both the developer and RSI’s architect, Studley helped negotiate a turn-key delivery of the space, enabling RSI to hedge against increasing construction costs, ensure the integrity and quality of the design, and minimize RSI’s out-of-pocket costs. By negotiating market level expansions that included an amortized original tenant improvement allowance, RSI was ensured the ability to grow within the new building with the same finish level as its initial suite, at the lowest possible cost.


Meet the Team

Art M. Wegfahrt
Corporate Managing Director

Art has provided counsel and services to organizations experiencing an array of location and commercial real estate issues. He is responsible for developing real estate strategy and facility rationalization scenarios for 100 organizations confronted with facility decisions; for developing and analyzing location strategy programs for large multi-facility users to respond to repositioning efforts; for negotiating 80 real estate transactions totaling 7 million square feet and 5,000 acres; for developing strategy and negotiating more than $800 million of government incentives; and for program management of 20 implementation projects totaling 4 million square feet with budgets of $650 million.

+1 215 563 4000


Patrick McGrath
EVP, Chief Information Officer, Head of Client Technologies

As Chief Information Officer and Head of Client Technologies, Patrick McGrath is leading and executing a digital transformation of the Savills Studley real estate services platform. He works across departments to deploy best-in-class systems to integrate and capture key data flows that give the Savills Studley brokerage teams the edge they need to compete in the rapidly changing real estate industry.

+1 212 326 8665


Timothy B. Monahan
Senior Managing Director

Tim has been with Savills Studley in Philadelphia since 1988. He has a high level of expertise in Center City Philadelphia and the surrounding suburban areas, including Southern New Jersey. Tim's resume includes over 600 leases. Tim has represented Black & Veatch ( for over 20 years, negotiating over 140 leases in 41 cities throughout America. Tim and his team represented B & V in acquiring the company's headquarters, a four year project resulting in a 600,000 square foot transaction involving the largest office building in the state of Kansas. This purchase earned the firm a "Capstone Award" from theKansas City Business Journal as the "Transaction of the Year for 2009." Tim's expertise includes representing corporations with multiple locations and representing law firms. Tim has represented more than 35 law firms in Philadelphia, and has worked with more than 12 firms on multiple occasions.

+1 215 563 4000


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